SANTA ANA, Calif., Nov. 8, 2012 /PRNewswire/ -- SUTIMCo International, Inc. (Pink Sheets: SUTI) is pleased to announce that the Company has signed an Option Agreement with Penn State University. The Option Agreement between The Penn State Research Foundation and SUTIMCo International gives SUTIMCo an exclusive remuneration bearing license under the PATENT RIGHTS to make, sell and perform processes covered by the Patent entitled "Composition and Method to Control Acid Rock Drainage."
The License being acquired by SUTIMCo is a solution to acid mine drainage. Acid mine drainage (AMD) is a national problem, but one-third of waters impacted by that problem are located in Pennsylvania, which after over a century of coal extraction, has produced more coal tonnage than any other state in the U.S. AMD is Pennsylvania's single largest non-point source water pollutant, impacting 2,500 miles of streams ( PA DEP, 1999b). There are over 1,200 coal mines in the United States, and each mine spends up to $1,000,000 annually as part of the clean up due to Acid Mine Drainage.
As opposed to the traditional methods of cleaning up the pollution after the fact, the AMD Solution will allow mines to apply a coating prior to the extraction which will prevent Acid Mine Drainage and ultimately the negative environmental impact of coal mining. As part of the Agreement, SUTIMCo will be providing The Penn State Research Foundation a business plan and will need to raise $500,000. SUTIMCo's Management believes there is tremendous value in this Patent as this AMD Solution has applications in Fracking operations. It is management intention that this technology will be a key part of SUTIMCO's Resource Extraction business unit."SUTIMCo strongly believes Penn State's work in this area is truly significant and that this Acid Mine Solution will have a real positive financial and environmental impact on both the mining, oil and gas and infrastructure sectors of the economy," stated Fred Rogers, President SUTIMCo International, Inc. SUTIMCo's early stage management services and infrastructure are provided through Business Units (parent companies that manage and support up to four portfolio companies). The mission of each Business Unit is to finance, grow and sell successful companies as they mature out of the start‐up stage and become attractive to larger companies. SUTIMCo plans to operate Business Units in the areas of Quality of Life, Alternative Energy, Food Safety, Environmental Technologies, and Consumer Products. SUTIMCo's robust portfolio of relationships with prestigious American universities is unique and strategic. North American universities invest over $42 billion in science and technology research, with about 15,000 new technologies disclosed annually. SUTIMCo's portfolio of technology and innovation start-ups, in partnership with more than two-dozen of the nation's premier research universities, includes technologies and products in the pre-funding stage and projects in the development process. Each of these business entities is being advanced by the SUTIMCo management team and methodology. Currently, SUTIMCo is working to fund and operate three Business Units, Quality of Life, Environmental Technologies, which will include its AquaStar Corporation, and Alternative Energy Unit. Although the new business model is tremendously profitable, SUTIMCo's clients do not have the capital necessary to pay SUTIMCo on a timely basis. SUTIMCo must wait for its clients to either raise money or generate revenues in order to receive money from its Venture Accelerator Agreements (VAA). SUTIMCo's management believes that the short term risk will pay off as the technologies behind the VAA are based upon both University Research and Government support.